Dogecoin, Can't it Break $0.10 Even With Whale Accumulation?

▲ Dogecoin (DOGE)/ChatGPT generated image ©

Not Dogwifhat, but the 'King of Memes' Dogecoin is showing signs of a rebound, yet it's being held back by a key resistance level, and its direction is being tested.

On April 24 (local time), according to investment media FXStreet, Dogecoin (DOGE) has maintained an upward trend for three consecutive days above approximately $0.095 and is attempting to break through the psychological resistance level of $0.10.

Currently, both whale and retail investor flows are being observed in the market. According to Santiment data, the number of whale wallets holding 1 million to 100 million DOGE has increased from 4,872 to 4,920. While the price is consolidating, a 'divergence phenomenon' is occurring where the number of whales is increasing, which is interpreted as a signal that large investors are engaging in buying at lower prices.

Demand is also confirmed in the derivatives market. According to Coinglass data, DOGE futures open interest increased by approximately 3% over 24 hours, reaching $1.37 billion. The funding rate is 0.0051%, indicating a structure where long position investors are paying a premium, reflecting upward expectations.

Technically, $0.10 is a crucial point. DOGE has rebounded with support at its 50-day Exponential Moving Average (EMA) of $0.0958, but a downtrend line connecting the highs of January 6 and April 17 is still pressing down on the upper side, limiting further upside. If this zone is breached, there could be room for further gains to $0.116, and then to the 200-day EMA of $0.128.

However, downside risks also exist. If the 50-day EMA of $0.095 breaks down, the upward trend will weaken, and there is a possibility of retesting the support zones of $0.087 and $0.080. The Moving Average Convergence Divergence (MACD) still indicates a buying advantage, and the Relative Strength Index (RSI) is at 56, maintaining moderate upward momentum without overheating.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*